Online education firm acquired in MBO deal

Glasgow-based ICS Learn, which provides online courses in subjects including accountancy, has been acquired in a management buyout led by chief executive Colin Kennedy.

The company, which has some 15,000 students on its books, has been bought from current owners Angus Macdonald and Par Equity in the deal for an undisclosed sum.

The management team was backed by mid-market private equity firm Primary Cap- ital Partners. Kennedy, who has led the business for the past three years and overseen the move to an online operation, said: “I am excited about the business’s future and the opportunities we have in both existing and new qualifications.

“We will continue to drive growth in student numbers whilst retaining our studentcentric service ethos.”

Santander provided debt finance for the deal and advisers included EY’S transaction advisory services team in Scotland and Quayle Munro.